“In the first six months of 2017 alone, Mobike expanded to 100 cities – which was the initial target for the full year of 2017,” pointed out the startup in a statement.

CEO Davis Wang today vowed to “accelerate the pace of global expansion” of his app. “Our new target is to be in 200 cities by the end of this year.”

Mobike had already raised US$325 million in disclosed funds prior to today’s injection. Tencent first invested last year.

Both Mobike and arch-rival Ofo are raising huge sums of money from major investors despite being far from profitability, and operating services that involve large outlays and small fees. Mobikes cost US$0.15 per hour to rent in China.